SOL price has persisted in stretching the gains and is delivering higher high swings over the past few sessions, replicating an uptrend on the chart. Recently, the Solana coin has marked an up move and retraced to the psychological round mark of $100, where SOL succeeded in setting the paws, and a pullback was witnessed in the recent sessions. Afterward, a follow-on buying momentum redirects SOL price towards the immediate swing of $125.
SOL price is trading in an uptrend and is above the significant moving averages, depicting a bullish momentum. Moreover, the price action showcased the higher high formation. The buyers are looking confident, leading the battle and showing their resilience. Amid the market’s indecisiveness, the buying momentum is yet to halt; it persisted in flying above the bars, accumulating gains.
The live price of the Solana (SOL) coin is $114.45, with an intraday gain of 12.83%, showing bullishness on the chart. Moreover, the trading volume increased by 5.78% to $3.41 Billion. However, the pair of SOL/BTC is at 0.00250 BTC, and the market cap is $49.24 Billion. Analysts have maintained a bullish rating, suggesting the SOL price will continue to surge in the following sessions.
Daily Chart Shows Buyers’ Dominance
On the daily chart, SOL price rebounded from the demand zone amid correction and is reverting the gains sharply, leading to a trend reversal in the recent sessions. The SOL price has surpassed the 23.6% Fibonacci retracement level and is sustaining the gains above the 38.2% zone above the 20-day EMA mark.
The relative strength index (RSI) curve stayed above the midline above 65, showing a positive crossover. The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting a favorable, optimistic outlook for the upcoming sessions.
Weekly Chart Reflects Trend Reversal
On the weekly chart, a remarkable trend reversal was witnessed from the support zone of $70 and has recovered over 65% in the recent sessions. The technicals suggest that strong performance will continue and Solana will hit the $200 mark by the end of this month. Per the Fib levels, the SOL coin has sustained above the 38.2% zone and has faced rejection from the 50% hurdle.
Summary
Solana (SOL) price is trading in the bullish trajectory and is replicating a bullish sentiment, directing buyers’ accumulation for the past sessions. Amid the market’s indecisiveness, investors have persisted in adding long positions and are showing interest, giving SOL a boost.
Technical Levels
Support Levels: $110 and $100
Resistance Levels: $120 and $125
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
Source: https://www.thecoinrepublic.com/2024/01/02/sol-price-prediction-is-solana-price-ready-to-catch-200/